Columbus-based Carmike Cinemas Inc. announced Monday the signing of an agreement to purchase nine entertainment complexes with a total of 147 screens from Muvico Entertainment for $31.75 million in cash. The theaters are located in Florida, California and Illinois.
Upon closing, which is expected in the fourth quarter of 2013, Carmike's portfolio will increase to 257 theaters in 37 states, with a total of 2,681 screens -- moving closer to the company's goal of 300 locations and 3,000 screens.
In a press release, Carmike Cinemas' President and Chief Executive Officer David Passman described Muvico as "a cinema technology leader and industry pioneer, with recent capital expenditures for digital projection system upgrades, IMAX and MuviXL large format screens, installations of cutting-edge sound, reserved seating and ticket kiosks, as well as additional facility enhancements."
He said the acquisition includes a Bogart's Bar & Grill restaurant at the complexes in Thousand Oaks, Calif., and Rosemont, Ill.
"We are delighted to add these well-maintained theatres to our expanding circuit, and the entire Carmike team looks forward to welcoming the Muvico associates to our growing family," Passman said.
Of the nine theatres being purchased, seven are located in Florida, where Carmike currently has 13 locations. The new locations include West Palm Beach (Parisian 20), Pompano Beach (Broward 18), Hialeah (Hialeah 12), Tampa (Centro Ybor 15), St. Petersburg (Baywalk 20) and Palm Harbor (Palm Harbor 10). The Rosemont 18 is slated to be Carmike's 11th Illinois theatre. The Thousand Oaks 14 will be Carmike's first California-based complex, marking its 37th state with at least one location.